Bank of New York Mellon Corp Increases Stock Position in Eastman Chemical Company (NYSE:EMN)

Bank of New York Mellon Corp increased its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 1.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,279,279 shares of the basic materials company's stock after purchasing an additional 13,886 shares during the quarter. Bank of New York Mellon Corp owned 1.11% of Eastman Chemical worth $112,717,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Picton Mahoney Asset Management increased its holdings in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares during the last quarter. Assetmark Inc. increased its holdings in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $43,000. Orion Capital Management LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $47,000. Finally, Brown Brothers Harriman & Co. increased its holdings in Eastman Chemical by 135.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock valued at $48,000 after purchasing an additional 304 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on EMN shares. Barclays dropped their target price on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th. KeyCorp dropped their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Royal Bank Of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.08.

Eastman Chemical Stock Down 1.6%

Shares of Eastman Chemical stock traded down $1.27 during trading on Friday, hitting $80.29. 818,507 shares of the stock were exchanged, compared to its average volume of 1,246,465. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 10.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.22. The firm's 50-day moving average price is $78.94 and its 200 day moving average price is $86.01. Eastman Chemical Company has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $1.61 EPS. As a group, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a $0.83 dividend. The ex-dividend date was Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.14%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.